Chemomab Therapeutics Ltd. (CMMB): ANSOFF MATRIX [Dec-2025 Updated]

You're looking at Chemomab Therapeutics Ltd., a clinical-stage biotech with a critical window: their cash runway extends only through the end of Q4 2026, making their next strategic moves absolutely vital. Honestly, with a manageable $2.1 million net loss in Q2 2025 and a $10.2 million cash reserve as of Q3 2025, the clock is ticking to fund that pivotal Phase 3 trial for nebokitug, likely via a partnership. We've mapped out four clear pathways-from aggressively pushing nebokitug into new markets and developing a subcutaneous version, to exploring entirely new targets-that define exactly how Chemomab Therapeutics Ltd. can secure its future beyond that 2026 deadline. Let's break down the near-term risks and the concrete actions needed now.

Chemomab Therapeutics Ltd. (CMMB) - Ansoff Matrix: Market Penetration

You're looking at how Chemomab Therapeutics Ltd. plans to maximize its current market-Primary Sclerosing Cholangitis (PSC)-with its lead asset, nebokitug. This is about dominating the existing space, not finding new ones.

The immediate financial focus is on managing burn while preparing for the pivotal trial. For the second quarter of 2025, Chemomab Therapeutics Ltd. reported a net loss of $2.1 million. You can see the R&D spend supporting this was $1.3 million for that same quarter, down from $2.9 million in Q2 2024, reflecting the end of Phase 2 trial activities. As of June 30, 2025, the cash position stood at $9.5 million, which the company projected would fund operations through the end of the second quarter of 2026. Still, by September 30, 2025, the cash position improved to $10.2 million, extending the runway through the end of the fourth quarter of 2026.

The path to market penetration hinges on securing the right financial backing for the next step. Chemomab Therapeutics Ltd. is actively advancing discussions with multiple potential strategic collaborators with the goal to secure a partner to fully fund the Phase 3 trial for nebokitug in PSC. This partnership is key to optimizing development resources and accelerating the launch.

The regulatory framework is favorable for streamlining patient enrollment. Chemomab Therapeutics Ltd. has achieved alignment with both the FDA and the European Medicines Agency (EMA) supporting a single, pivotal Phase 3 registration trial for nebokitug. Both agencies agreed that a composite of clinically relevant events can serve as the study endpoint, which supports a streamlined path. The Phase 3 protocol was submitted to the FDA during the second quarter of 2025.

Building pre-commercial awareness is already underway, using the strong Phase 2 data. The positive 48-week Open Label Extension (OLE) data from the Phase 2 SPRING trial is the foundation for this effort. This data showed that patients with moderate/advanced disease treated with nebokitug for 48 weeks experienced significantly fewer clinical events at a rate of 4.8% compared to 25.8% in matched historical controls. This data was featured at major scientific meetings, including AASLD 2025.

To establish nebokitug as the first-in-class, disease-modifying therapy, Key Opinion Leader (KOL) engagement is critical. Chemomab Therapeutics Ltd. reported engaging the PSC community, including KOLs and global clinical centers, at the AASLD 2025 conference. This engagement leverages the sustained improvement in fibrosis markers seen over 48 weeks of treatment.

Here's a quick look at the key data points supporting this market push:

• Phase 2 OLE clinical events rate for moderate/advanced PSC: 4.8%.
• Historical control clinical events rate: 25.8%.
• Q2 2025 Net Loss: $2.1 million.
• Q2 2025 R&D Expenses: $1.3 million.
• Cash Runway as of June 30, 2025: Through Q2 2026.
• Cash Runway as of September 30, 2025: Through Q4 2026.

The strategy relies on converting these clinical results into market acceptance, which requires a well-funded Phase 3 trial. The company is advancing multiple partnering options to support the Phase 3 program.

The positive data from the Phase 2 OLE study, showing safety and sustained biomarker improvements over 48 weeks, is being used to build awareness among hepatologists and gastroenterologists.

• Data presented at EASL 2025 and AASLD 2025.
• Confirmed safety and tolerability up to 48 weeks of treatment.
• Showed dose-dependent anti-fibrotic, anti-inflammatory, and anti-cholestatic effects.

Finance: finalize Phase 3 budget projections based on partnership scenarios by end of Q4 2025.

Chemomab Therapeutics Ltd. (CMMB) - Ansoff Matrix: Market Development

You're looking at expanding nebokitug's reach beyond its initial focus on Primary Sclerosing Cholangitis (PSC) and Systemic Sclerosis (SSc) in the US and EU. This is about taking what you have-nebokitug-and pushing it into new territories and new indications.

The foundation for international expansion is already partially set. You have patent protection secured in key regions, which is the first step to prioritizing regulatory focus there. For instance, patents covering the use of nebokitug for liver diseases, including PSC, were issued in China and Russia on June 3, 2025, providing coverage that extends up to 2041. This is a strong financial incentive to focus regulatory resources there.

Here's a snapshot of the existing and targeted market exclusivity:

To expand the indication base, the strategy involves pushing nebokitug into other fibrotic diseases. While the SSc program has an open U.S. IND, the next step involves initiating Phase 2 trials in different conditions. This is critical because the target, CCL24, is implicated broadly in fibrosis. For SSc specifically, data from a longitudinal study involving over 200 SSc patients showed that elevated serum CCL24 levels correlated with increased mortality and severity across fibrotic and vascular manifestations.

Actions for Market Development include:

• Prioritize regulatory submissions in Japan, China, and Russia based on secured patents.
• Initiate Phase 2 trials for nebokitug in fibrotic diseases beyond PSC and SSc.
• Establish a dedicated patient advocacy program to drive diagnosis and referral in new geographic regions.
• Explore Orphan Drug Designation in new territories to gain market exclusivity and accelerate review timelines.
• Target specific patient sub-groups within SSc, such as those with severe lung or vascular manifestations, for focused clinical studies.

Financially, the company is managing resources carefully to support these next steps. As of September 30, 2025, Chemomab Therapeutics Ltd. reported cash, cash equivalents, and short-term bank deposits of $10.2 million. Management projects this liquidity will fund operations through the end of the fourth quarter of 2026. Research and Development expenses for Q3 2025 were approximately $1 million, a decrease from $2.8 million in Q3 2024, largely due to the completion of Phase 2 SPRING trial activities. The net loss for Q3 2025 was $1.7 million. The CEO is scheduled to present a corporate overview at Oppenheimer's Movers in Rare Disease Summit on December 11, 2025.

Chemomab Therapeutics Ltd. (CMMB) - Ansoff Matrix: Product Development

You're looking at the next steps for Chemomab Therapeutics Ltd. (CMMB) to expand the use of its lead asset, nebokitug, which targets the soluble protein CCL24, a key driver in fibro-inflammatory diseases like Primary Sclerosing Cholangitis (PSC). The near-term focus is on refining the current product and preparing for the pivotal Phase 3 trial, which is a significant capital undertaking.

A key product development initiative involves creating a subcutaneous formulation of nebokitug. This aims to give patients a more convenient self-administration option compared to the current intravenous delivery method. This type of formulation change, while not a new drug, is a product enhancement that can significantly impact patient adherence and market adoption.

The company must carefully manage its capital for these efforts. As of September 30, 2025, Chemomab Therapeutics Ltd. held a cash, cash equivalents, and short-term bank deposits position of $\mathbf{\$10.2 \text{ million}}$. This liquidity is projected to fund operations through the end of the fourth quarter of 2026. To support biomarker research aimed at refining patient selection for nebokitug, a portion of this $\mathbf{\$10.2 \text{ million}}$ reserve will be allocated. For context, Research and Development (R&D) expenses in the third quarter of 2025 were approximately $\mathbf{\$1 \text{ million}}$, a notable decrease from the $\mathbf{\$2.8 \text{ million}}$ reported in the third quarter of 2024.

The development plan also centers on creating a companion diagnostic test for the CCL24 target. This is crucial to optimize treatment by demonstrating the drug's pharmacodynamic effect-how it affects the body-in a measurable way. Furthermore, the team is advancing a second-generation anti-CCL24 antibody. This future-proofing effort seeks an antibody with an improved half-life or enhanced potency for later clinical use, ensuring a long-term competitive edge.

The data from the Phase 2 SPRING trial supports these next moves. Open-label extension data, showing treatment durability for up to 48 weeks, demonstrated favorable safety and consistent improvements in key fibrotic and inflammatory biomarkers in PSC patients. These results confirm the potential for nebokitug to halt or slow disease progression, which is the primary objective for the upcoming Phase 3 study.

Here's a quick look at the recent financial position as of September 30, 2025, which underpins these development investments:

The strategic product development activities Chemomab Therapeutics Ltd. is pursuing include:

• Developing a subcutaneous formulation for patient convenience.
• Investing in biomarker research to refine patient selection.
• Creating a companion diagnostic for the CCL24 target.
• Advancing a second-generation anti-CCL24 antibody.
• Investigating combination therapy studies in PSC or SSc.

The regulatory path is also being streamlined, as both the FDA and EMA have supported a single pivotal Phase 3 registration trial for PSC using a composite of clinically relevant events as the endpoint. This alignment helps focus capital deployment. What this estimate hides, though, is the cost of initiating that Phase 3 trial, which will be the next major draw on resources beyond the current $\mathbf{\$1.7 \text{ million}}$ net loss reported for the quarter. Also, remember the recent structural change: effective August 26, 2025, the American Depositary Share (ADS) ratio adjusted from one ADS to 20 ordinary shares to one ADS to 80 ordinary shares.

Finance: draft Phase 3 funding gap analysis by next Tuesday.

Chemomab Therapeutics Ltd. (CMMB) - Ansoff Matrix: Diversification

You're looking at Chemomab Therapeutics Ltd. (CMMB) and considering how the company might expand beyond its primary focus on nebokitug (CM-101) for Primary Sclerosing Cholangitis (PSC). Diversification here means moving into new product/market combinations, which requires capital planning, especially given the current burn rate.

Leverage the core CCL24 target expertise to discover novel small-molecule inhibitors for non-antibody-amenable fibro-inflammatory diseases.

This strategy relies on translating the over 15 years of scientific work on the soluble protein CCL24 into a different modality. Shifting from a monoclonal antibody like nebokitug to small-molecule inhibitors would target the same pathway but open up different patient populations or disease characteristics where antibodies might not be ideal. Financially, this requires allocating a portion of the current R&D budget, which was approximately $1 million in the third quarter of 2025, toward early-stage discovery chemistry rather than solely Phase 3 preparations for nebokitug.

Initiate preclinical research into a new therapeutic target entirely distinct from CCL24, but still within the fibro-inflammatory space.

This is a true diversification move, requiring investment in entirely new biology programs. Chemomab Therapeutics Ltd. has documented CCL24 up-regulation in liver, skin, and lung fibrosis-related pathologies, so exploring a new target within this broader space means building a second discovery engine. The company's cash position as of September 30, 2025, stood at $10.2 million, which management indicated funds operations through the end of the fourth quarter of 2026. This runway must support both the ongoing Phase 3 preparations and any new preclinical work.

Acquire a complementary, de-risked pre-clinical asset in a different therapeutic area, like oncology, to broaden the pipeline.

Acquisition is a fast track to diversification, but it demands significant capital outlay, potentially requiring external financing beyond the current cash on hand. The company is actively seeking strategic collaborations, which could be a precursor to an acquisition or a co-development deal. The market capitalization was approximately $17.45 million as of August 2025, which sets a valuation context for any potential transaction. A successful acquisition would immediately shift focus beyond fibro-inflammatory diseases, perhaps into oncology, which is a common area for biotech expansion.

Partner with an academic center to explore CM-101's potential in non-fibrotic, purely inflammatory conditions.

This represents a Product Development move within the Ansoff Matrix, but it serves as a diversification of the market application for the existing asset, CM-101 (nebokitug). The current focus is on fibrotic diseases like PSC and Systemic Sclerosis (SSc), which has an open U.S. IND. Exploring purely inflammatory conditions leverages the known anti-inflammatory effects observed in the Phase 2 SPRING trial, which showed improvements in inflammatory biomarkers. This type of partnership is often lower cost than internal development, allowing the company to use its existing $0.9 million in Q3 2025 General and Administrative expenses base more efficiently.

Use the existing antibody engineering platform to generate novel bi- or multi-specific antibodies for new disease targets.

Chemomab Therapeutics Ltd. developed nebokitug as a first-in-class dual activity monoclonal antibody. Utilizing the underlying antibody engineering platform to create bi- or multi-specific antibodies is an extension of existing technical capabilities. This is a product extension that can target entirely new pathways or combine CCL24 neutralization with another mechanism. The R&D expenses in Q3 2025 were approximately $1 million, and this type of platform work would compete for those internal resources against the finalization of the single pivotal Phase 3 trial design for PSC.

The current structure of the company's financial resources, with $10.2 million in cash as of September 30, 2025, suggests that significant, unpartnered diversification efforts would need to be carefully managed against the expected cash runway extending into the fourth quarter of 2026.

The company's core asset, nebokitug, has received FDA and EMA Orphan Drug designations for PSC treatment.

• Leveraging CCL24 expertise for small molecules.
• Exploring distinct, non-CCL24 fibro-inflammatory targets.
• Potential acquisition in an area like oncology.
• Investigating CM-101 in non-fibrotic inflammatory conditions via partnership.
• Using the antibody platform for novel bi-specific designs.